Do you remember when the last time you visited your bank to withdraw or deposit your cash or similar transactions was?
To be honest, since mobile banking apps, financial services have become even more accessible. We don’t need to go to banks or ATMs or consult an agent personally for any financial assistance. Just install the app of your respective bank, and voila! You can transfer money, pay any bills, check balance, request a cheque book, apply for a loan, and more right from your mobile device. Banks to Financial organizations now offer their services at customers’ fingertips.
Constant innovations and improvements in the mobile banking industry are shaping the future of mobile banking. Moreover, mobile banking technologies bring swiftness, security, and convenience to financial transactions. However, the unprecedented Mobile Banking App Trends and shifts in customer expectations demand agility and forward-thinking. The better mobile banking you offer, the more customers will opt for your services. Why? Because no one likes long banking processes and spends time visiting banks.
Besides, a radical mobile application adds value to the bank and its customers, streamlining every transaction. Thus, you must know current mobile banking app trends when it comes to better online banking services. That’s why we decided to curate the top 10 mobile banking trends that will help you get a competitive edge in the market.
Handpicked best mobile banking app trends of 2023
Peer to peer lending
Online payment apps like Google Pay, Apple Pay, Amazon Pay have revolutionized the way people used to send money to each other. P2P payment apps drive disintermediation, eliminating the banks, allowing users to lend money directly from their smartphones. Adopting the p2p payment trend in your mobile banking app can hold users from longing for another payment app.
With technological inventions, acts of fraud are also increasing. Here the advent of Big Data helps FinTech organizations safeguard their resources and customers’ identity, improving risk assessment. Thanks to Big Data, financial institutions gather thousands of customer data from sources like banking history, financial statements, etc. The data lets you know your customers better so you can serve them better, protecting them from frauds.
Alexa, Siri, and Google Assistant play a significant role in voice-enabled services and demonstrate voice-activated commands offer supreme convenience. It makes voice technology one of the best mobile banking app trends. The trend gains you two main advantages, user convenience, and security. Many banks have integrated the trend as a part of two-factor authentication and conduct money transfers with a voice command.
Internet Of Things
ATMs are considered to be the first example of IoT implication in the finance industry. IoT is the network of interrelated computing devices connecting and exchanging data with each other through internet connections.
IoT banking applications allow banks to automate financial requests, ownership transfer of specific assets, and other banking processes. From data collecting in real-time, customized client service to authentication and safety, IoT-enabled wearables favor the FinTech sector.
You can say, the contactless payment initiative due to the COVID-19 has caused the digital wallet disruption. Such wallets are gaining traction as they facilitate online payment right from the users’ bank accounts on the go. From online shopping to recurring bill payments, mobile wallets come in handy for various transactions.
To stand out from the crowd, you can facilitate payment with cryptocurrency in your digital wallet. Following the mobile wallet trend in your banking app can uplift your user experience to many folds.
Cloud computing eliminates dependency on dedicated software and hardware, enhancing flexibility and speed, automating business processes. It simplifies and saves money, time, and human resources. Not to mention, cloud computing can help Financial firms to achieve a high level of data protection, fault tolerance, and system recovery. What makes it worth a shot is that it provides backup at a lower cost than conventional managed solutions.
If you aim at providing a seamless and improved customer experience, it’s the trend you must adopt. You can allow third-party companies to integrate your banking API into their solution and vice-versa. It will make your banking services available to associated companies’ customers.
API banking benefits both parties by augmenting their offerings and specialties to complement one another. Adhering to the API trend, smaller banks partner with companies that offer improved functionality to spread their brand awareness and upgrade their customer experience.
You have to consider many scenarios in mobile banking apps, even quirky ones, like what if someone steals your phone and you’ve logged in to your banking app. For that, the biometric authentication trend is a life savior for your mobile banking app.
By introducing a sophisticated biometric authentication, you implement an additional layer of security over a simple password and PIN. So, in any case, if anyone steals your user’s smartphone, they won’t be able to access the banking app without users’ fingerprints, retina, face, or voice verification.
Artificial intelligence and machine learning-enabled smart bots cultivate various benefits. Using the chatbot trend in your banking app, you can: provide quick and consistent customer support 24/7, solve minor issues, answer common questions, immediately respond to inquiries, and more. Chatbots will continue to improve and benefit mobile banking, which makes it an ideal mobile banking trend.
Blockchain in mobile banking app
Cryptocurrencies have brought Blockchain technology into the limelight for the financial sector. You may find many FinTech companies leveraging Blockchain technology and offering secured and transparent financial services. Blockchain is a rapidly emerging trend in mobile banking to accelerate payments, lowering processing fees simultaneously.
By rooting a decentralized channel with blockchain, you can also redefine mobile banking, enhancing digital security. Some benefits you reap inherently with Blockchain technology include:
- Faster Payments
- Efficient Settlement Systems
- Blockchain Accelerates Fundraising Process
- Digital Identity Verification
- Simplify Accounting & Auditing
- Peer-To-Peer (P2P) Transfers
Did you see them? With time and discoveries, new mobile banking app trends may emerge. However, if you have already implemented the trends mentioned above, it won’t be hard to adopt the latest trends in the future. Being a mobile app development company, we vouch for these top 10 mobile banking trends.
If you wish to learn more about any of the mentioned trends in the post, you’re most welcome. Just give us a call or have us call you by filling the inquiry form.